The Low-Down on Combo Policies

There are numerous auto insurance companies are now giving their consumers the chance to combine various policies as long as all were purchased in the same company. This includes auto, home, and even life insurance. By combining the policies, the customers will get the convenience of paying only a single policy that covers all their insurance needs. Aside from that, they will also get to renew the policies with an ease to make sure that they would still have a continuous coverage.

More often than not, both the car insurance policies as well as the home insurance policies are offered individually. However, there are now insurance companies who are trying to combine these policies so that they can entice the clients of vehicle-only insurers. For the past few years it had gained its momentum. According to the Insurance Information Institute, more than one third of the property-casualty premiums were taken from the auto insurance.

The combination of these policies would not give the customers the hassle of thinking about different bills, having individual deadlines. The auto insurance companies also prefer these one-policy packages because there is not much paperwork and the operating cost is less as well.

There are insurance companies who are offering all-in-one policies that include tons of choices when it comes to the coverage levels of the insurance. Other than that, there are also more advanced protections namely identity theft reimbursement and guaranteed home replacement. Because of the increased events of catastrophe and technological advances, many consumers have been concerned about the issues. Therefore, there are now more and more who are planning and preparing ahead of time just in case the worst thing may happen.

According to Noel Edsall, more than half of the population has a lot of assets yet they do not have enough time to deal and manage it. Edsall is currently the MetLife Auto & Homes’ director of product development.

It was only recently that the MetLife Auto & Home started to test their all-in-one policy which they coined as the Grand Protect. There were only four states who tried the Grand Protect first namely the states of Arizona, Tennessee, Oregon, and Minnesota. But today, there are now other states getting the Grand Protect such as the Rhode Island, Ohio, and Illinois. MetLife Auto & Home is hoping that they can have at least 19 states or more eventually. These details were also given by Noel Edsall.

Although there insurance companies offering their services to the mass there are also insurance companies catering to the bigger and wealthier clients as well. The so-called Encompass policy does not only cover cars and autos. It also embraces other properties and assets as well just like boats, jewelries, secondary homes, vintage arts, stamp collections, rare memorabilia, fur, and other things that have great value. However, the encompass policy can only be availed by the policy holders have real estate properties having a market value that is more than the national average. More often than not, the average premium for this type of policy starts at $2,950 or more every year.

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